Climate and Development Spending

How the World Bank and others are spending evermore resources on doing ever less good.

The World Bank is charged with ending global poverty. Yet, the Bank is now aiming to spend no less than 45% of its funding toward climate change. This is hugely problematic. Spending a dollar on climate initiatives delivers low benefits, typically far into the future, whereas smart development policies can deliver upwards of $50 back on the dollar, often near-instantaneously.

This is part of a bigger focus from rich countries, spending on climate rather than on the most needed and the most demanded policies first.

Watch Hoover visiting fellow Bjorn Lomborg, as he gave a talk to Hoover scholars and staff on Monday, April 1, 2024, outlining the most cost-effective strategies, both within climate policy and across development spending.

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